Nigerian, Angolan Currencies Worst Performing in Africa

Top oil producers in Africa, surprisingly, have the worst record of currency performance year to date, according to a report which showed naira has officially lost more than 40% in 2023.

Coming closer to the worst exchange rate condition is Angola, whose local currency has lost about 39% from the beginning of the year to date despite higher crude oil prices in the global market.

In its update, CardinalStone Research said low foreign currency liquidity continues to weaken African currencies.

Down the year, the Egyptian pound has lost 20% of its weight despite the government’s ability to obtain funding support from the International Monetary Fund – terms on condition include devaluation of the Egyptian currency.

Kenya shilling has lost 15.2% of its purchasing power due to weak FX inflow greeted by rising demand for imports amidst fiscal pressures.

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